Super Complaints Tribunal lacks budget to resolve existing complaints

The Superannuation Complaints Tribunal lacks the budget to resolve existing complains, the organisation has told a Parliamentary committee.

A Senate committee has been conducting an inquiry into the Treasury Laws Amendment (Putting Consumers First—Establishment of the Australian Financial Complaints Authority) Bill 2017. This Bill, if passed, would roll the Superannuation Complaints Tribunal (SCT) and several other financial complaint resolution bodies into the Australian Financial Complaints Authority (AFCA). Read more...

Scrapping Super Complaints Tribunal puts consumer protections at risk

The Association of Superannuation Funds of Australia (ASFA) says that consumer protections may be put at risk if the Superannuation Complaints Tribunal (SCT) is scrapped.

This follows the interim report from a Government-appointed panel conducting a review into the financial system external dispute resolution framework. The review panel recommends, in the interim report, that the SCT be “transitioned to a new industry ombudsman scheme for superannuation disputes”. This could potentially be rolled into a single industry ombudsman for all financial, credit and investment disputes at some point in the future. Read more...

Superannuation dispute resolution system is broken, SCT review finds

The review into the financial system’s external dispute resolution and complaints framework says the “the dispute resolution mechanisms for superannuation are broken and will not withstand future pressures”.

In May 2016 the government announced that an independent expert panel would review the dispute resolutions schemes for the financial system, including the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and Credit and Investments Ombudsman (CIO). This review has now given its interim report. Read more...

Financial system complaints framework review issues paper released

Superannuation Complaints Tribunal (SCT), issues paper released, Review of the financial system external dispute resolution framework, An issues paper has been released for the review of the financial system external dispute resolution framework.

The review is considering if changes should be made to the financial sector dispute resolution and complaints bodies: the Superannuation Complaints Tribunal (SCT), Financial Ombudsman Service (FOS) and the Credit and Investments Ombudsman.

“The Issues Paper is seeking views on whether the external dispute resolution framework delivers effective outcomes for users in a rapidly changing and dynamic financial system,” said Kelly O’Dwyer, Minister for Revenue and Financial Services. Read more...

Review announced into Superannuation Complaints Tribunal

review into financial sector external dispute resolution and complaints schemes, Superannuation Complaints Tribunal, Financial Ombudsman Service (FOS) and the Credit & Investments OmbudsmanA review into the financial sector external dispute resolution and complaints schemes, including the Superannuation Complaints Tribunal, has been announced.

Minister for Revenue and Financial Services, Kelly O’Dwyer, released the terms of reference for the independent review. The review will include the Superannuation Complaints Tribunal, Financial Ombudsman Service (FOS) and the Credit & Investments Ombudsman.

“The role, powers, governance and accountability of the existing financial system external dispute resolution and complaints framework will be reviewed by the panel,” said Minister O’Dwyer. Read more...

More funding for the Superannuation Complaints Tribunal

Superannuation Complaints Tribunal (SCT), additional funding, backlog, ASIC, user-pays funding modelThe Government has announced increased funding for the Superannuation Complaints Tribunal.

$5.2 million of additional funding for the Superannuation Complaints Tribunal (SCT) was announced by the Treasurer and Assistant Treasurer, to “help deal with legacy complaints and improve internal processes”, alongside changes to ASIC funding.

“We know that there have been issues with the sheer amount of time it takes for consumer complaints to be dealt with by the Superannuation Complaints Tribunal, in fact we know of examples of people who have been waiting since 2012 for their issues to be resolved,” said Minister for Small Business and Assistant Treasurer Kelly O’Dwyer. Read more...

Superannuation Complaints Tribunal (SCT)

Superannuation Complaints TribunalThe Superannuation Complaints Tribunal (SCT) is a dispute resolution mechanism for superannuation.

The Superannuation Complaints Tribunal deals with “complaints about superannuation in the areas of regulated superannuation funds, annuities and deferred annuities, and retirement savings accounts ”

However not all super fund members can access the Superannuation Complaints Tribunal, including SMSF members. Also, the Superannuation Complaints Tribunal does not deal with some kinds of complaints, including failure by employees to pay superannuation guarantee contributions, The full list is available on the Superannuation Complaints Tribunal website. Read more...